October Budget Date Confirmed

The government has confirmed that for the first time in three years there will be an Autumn Budget.

Rishi Sunak’s second Budget is scheduled for Wednesday 27^th October, 2021.

It comes as no surprise given that back in July 2021, the Chancellor has asked the Office for Budget Responsibility (OBR) to produce its economic and fiscal forecasts report by 27^th October.

The Budget is not just the country’s 'budget' of planned income and expenses, it is:

• Taxation changes
• The OBR’s latest Economic and Fiscal Outlook
• The 2022-24 Spending Review

What to expect in the Budget?

Tax allowances have all been frozen until 2026/27 (March 2021 Budget) and this week an extra ‘tax hike’ was introduced with 1.25% on national insurance contributions and 1.25% on dividend tax rates to raise an additional £14bn over 3 years.  So do not expect much on the income tax front.

There has been speculation for years about capital gains taxes and changes to tax relief on pensions.  Second property ownership via buy to let or holiday let appear to be the ‘lowest handing fruit’ and this is where we expect changes.  Small business rates exemption removal for holiday lets?

We also expect any bitter pills to be sweetened with additional stimulus for business as we pull away from the EU and of course, out of the pandemic.  No doubt there will be much speculation over the coming 6 weeks.

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